South Korea GDP Annual Growth Rate

The South Korean economy expanded 2.0 percent year-on-year in the three months to September 2018, slowing from a 2.8 percent growth in the previous quarter and in line with market expectations, final data showed. It was the weakest growth rate since the third quarter of 2009, as construction plunged 8.1 percent (vs preliminary 7.8 percent). On the expenditure side, softer growth was mainly explained by a 6.6 percent contraction in gross fixed capital formation (vs preliminary 6.5 percent). GDP Annual Growth Rate in South Korea averaged 7.40 percent from 1961 until 2018, reaching an all time high of 20.80 percent in the fourth quarter of 1969 and a record low of -7.30 percent in the second quarter of 1998.

GDP Annual Growth Rate in South Korea is expected to be 2.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in South Korea to stand at 2.90 in 12 months time. In the long-term, the South Korea GDP Annual Growth Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.

Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

South Korea GDP Growth Slows to 9-Year Low in Q3

The South Korean economy expanded 2.0 percent year-on-year in the three months to September 2018, slowing from a 2.8 percent growth in the previous quarter and in line with market expectations, final data showed. It was the weakest growth rate since the third quarter of 2009.

On the production side, construction plunged 8.1 percent, after a 1.6 percent contraction in the previous quarter (vs a preliminary -7.8 percent) and agriculture declined 2.4 percent compared to a 1.2 percent expansion in the second quarter of the year. Additionally, slower growth was recorded in manufacturing (2.8 percent vs 3.2 percent in Q2), utilities (1.9 percent vs 3.9 percent in Q2 vs preliminary 2.2 percent), and services (2.4 percent vs 3.0 percent in Q2).

On a quarterly basis, the economy advanced 0.6 percent quarter-on-quarter in the three months to September 2018, the same pace as in the previous period and also matching market consensus and the preliminary reading.

South Korea Economy Grows at 9-Year Low
The South Korean economy expanded 2.0 percent year-on-year in the three months to September 2018, slowing from a 2.8 percent growth in the previous quarter and below estimates of 2.2 percent. It was the weakest growth rate in nine years, as construction plunged 7.8 percent.Published on 2018-10-25

South Korea Annual GDP Growth Revised to 2.8%
The economy of South Korea advanced 2.8 percent year-on-year in the second quarter of 2018, matching the 2.8 percent growth recorded for the previous quarter and slightly below the 2.9 percent preliminary expansion and the final consensus estimate.Published on 2018-09-04

South Korea Annual GDP Growth Edges Up in Q2
The economy of South Korea advanced 2.9 percent year-on-year in the second quarter of 2018, slightly above the 2.8 percent growth recorded for the previous quarter but below the 3.0 percent expansion expected by consensus, preliminary estimates showed.Published on 2018-07-26

South Korea GDP Annual Growth Rate

South Korea’s economy became one of the most diversified and technologically advanced in the world in the last 50 years. Like in most developed countries, services account for the highest percentage of GDP (around 57 percent of GDP). Within services the most important ones are public administration (6 percent ); education (5.3 percent); information and communication (5 percent); and business activities (4.6 percent of GDP). A strong manufacturing industry which has turned South Korea into a major exporter accounts for 32 percent of GDP. This page provides - South Korea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on January of 2019.